TikTok will help Walmart create the marketplace of the future, McMillon said. The startup thing sounds cool, he says. A company that doesnt is at a clear disadvantage. As McMillon tours the warehouse, something catches his eye. He has set Oct. 1 as a deadline for every store to show major improvement before the Christmas shopping season heats upeven coming up with a corny catchphrase to drive it home: 10-4 for 10/1. Signs with the slogan recently appeared around Walmarts headquarters, with digital clocks counting down to midnight on Sept. 30. It is investing heavily in associate wages, benefits and educationincluding a debt-free college program and an expanded parental leave policy. All with more than 100 plumbing incidents in a relatively short period of time. Walmart handed out a raise to 165,000 U.S. workers earlier this month. WebMcMillon was named chairman of Business Roundtable, a nonprofit that promotes business through public policy, in 2019. After a while Mike Duke, his predecessor as CEO and until days earlier his boss, stopped in to check on him. McMillon who is coming up on his seventh year as CEO in February 2021 sits atop the worlds largest retailer, which so happens to be the countrys largest private employer. She views him as the rare executive who can focus on day-to-day operations while at the same time driving innovation. Describe the company's leadership team and style(s). Remarks as prepared for Doug McMillon. Journal of Economic Development, Management, IT, Finance & Marketing , 7 (1). How much of a headwind, he asks me, is Walmarts fraught reputation?but then begins to answer it on his own. Through it all he has rarely, if ever, appeared flummoxed. Doug Williams was deeply touched when he learned there would be two Black starting quarterbacks in the Super Bowl for the first time. What people think about the company is important., But if Walmarts gargantuan size makes it hard to move the needle on growth, its established place in the publics mind makes it equally difficult to rewrite its reputation. Walmart is mentioned 60,000 times per day on social media. Vice President Kamala Harris husband, the first Jewish spouse of a president or vice president, visited the Auschwitz-Birkenau concentration camp to mark the International Holocaust Remembrance Day. Doug is also optimistic and passes positive energy and emotions to his employees. He is outgoing, outspoken, goal oriented, and stern. Throughout these past months, many of the steps we have taken to ensure our associates and customers health and safety have come out of these conversations. making it the worlds largest employer after the U.S. Department of Defense and the Chinese army. NOW WATCH: 11 things you probably didn't know about Walmart. The difficulty of that task is not lost on the Arkansas-born CEO, a thoughtful type who is as comfortable diving into data as he is chatting with associates. Editors Note: Walmart CEO Doug McMillons letter to shareholders is republished here from our 2019 annual report. He applies his years of experience in the retail business and takes in the choices presented by his team to come up with the best decision. Doug has been the CEO of Walmart for some time and is prepared to face challenges and deal with them effectively. Consumers are spending differently in an uncertain economy. Everything about Walmart is supersize. It brought the starting minimum wage for hourly workers to $15 an hour. With sales approaching half-a-trillion dollars, Walmart is in uncharted growth territory. For the company to grow sales by a pedestrian 3% this year it would need to add $14.5 billion in revenuemore, for example, than either Whole Foods (WFM) or Marriott (MAR) had in total in 2014. And, of course, the acquisition of Jet.com for $3.3 billion was an enormous accelerator opening a younger more affluent market, as well as building a long tail of digital native brands, eventually to be rolled out as brick-and-mortar stores. Thats part of the reason he decided to spend one of his first days as CEO riding with a Walmart truck driver in Mississippi. Inside are blue racks stacked with everything from Honey Bunches of Oats cereal to Colgate toothpaste, and there is a large cold room. Doug McMillon is an American businessman and the President and CEO of Walmart, the worlds largest retailer. Here's how their habits and priorities are changing, and why it matters. Rob Walton, Sams eldest son, remains chairman. They remember days when Sam Walton would visit their stores. All expressions of opinion are subject to change without notice. They already have. These attributes have improved his performance as Walmarts CEO and enabled the company to grow into huge levels of success. Doug McMillon has one of the strongest personality and character traits. He stares at a wall sign with a nugget of Sam Waltons wisdom: Focus on something the customer wants, and then deliver it. McMillon nods his head. Is Walmarts Loss Leading Egg-Scapade A Winner? To gain a more in depth understanding of a particular topic or subject. Many of our long-term associates experienced this firsthand. In case Walmart undergoes any challenge, most of the employees are willing to consult him for help. The CEO even seems at ease when he broaches a touchy topic. With $485.7 billion in revenue in 2014, Walmart outpaced No. the other so as to ensure that they remain focused on achieving their end WebDoug McMillon, Walmart Inc: Profile and Biography - Bloomberg Markets Bloomberg TV+ Bloomberg Surveillance: Early Edition Bloomberg Surveillance: Early Edition with Our board of directors and senior executives hold the belief that capital can and should benefit all of society. Theyre assigned one of 33 parking spots, and after a moment a Walmart employee wheels the order out on a dolly and loads it in the back of the customers SUV or minivan. Doug McMillon has now been CEO at Walmart for five years. He oversees a smooth running and operation of businesses between the two countries. 29 on the 500 this year, with $89 billion in sales. University Banks corporate security function collaborates with the Michigan Employees have also adopted his agreeable nature and passed it on to customers. There are frequent visits by the company's CEO and other managers to the Wal-Mart stores, for starters (Bocanegra Gastelum, Located just a couple of miles from the companys home office in Bentonville, the store opened last September and isnt really a traditional outlet but rather a mini-warehouse next to a parking lot where shoppers can drive in and collect items they preordered online. He welcomes change with positivity and hires the best experts in the field to facilitate the change. Here's what the Quincy, Massachusetts-based private aviation company is planning. Add an answer. But I think we can do thingsnot say thingsthat can make the narrative less believable, he adds. What is doug mcmillon's leadership style? Doug McMillon has one of the strongest personality and character traits. McMillon has also served as the CEO and president of, Walmarts Sams club segment from 2006-2009. That includes the companys campaign, announced in late May, to press its meat and dairy suppliers to curtail the use of antibiotics in farm animals. 1. On this sunny afternoon in late February hes sitting onstage in an auditorium at Stanfords Graduate School of Businessground zero for Silicon Valley brainpower. as well as other partner offers and accept our. At Walmart, we save people money and help them live better and we do it by serving All rights reserved. is often established in cases where parties are dealing with Over time, it has been found out that man needs to be motivated in a way or Walmart US saw comparable sales grow by 3.6%, excluding gas, and e-commerce sales grew 40%. Here's what it is planning now. McMillon had interviewed with Fields before, and he told him he might be interested in enrolling in the retailers buyer-training program after finishing school. His conversations, his questionshes on both.. Like people, when companies work to foster a culture of collaboration, communication becomes second nature. McMillon during his time running Sams Club, photographed for Fortune in 2008. ny in history, McMillon seems awfully relaxed as he watches his younger son, a senior in high school, play left, wing for the Bentonville Tigers soccer team. Other homespun bits of Waltons wisdom are preserved on signs on the walls of Walmart facilities. Dan Webster. Doug McMillon at Crystal Bridges Museum of American Art |, Doug McMillon and associates laughing in his office, Doug McMillon with associate at a store in China, Doug McMillon in a Walmart Supercenter with associates, Doug McMillon shaking hands with associate |, Doug McMillon playing a game with Flipkart associates, Doug McMillon with Michelle Ebanks at Essence Festival 2019, Doug McMillon with a group of Flipkart associates, Doug McMillon with associate surrounded by Christmas trees, Doug McMillon speaking at Walmarts 2019 Associate Celebration |, Walmart California Consumer Privacy Act Notice, Feb. 17, 2022: Doug McMillon Discussing Q4 FY22 Earnings. This creates a strong communication network within the entire company. "As a leader during transformation, you have to be out in front show that you want to learn, be curious, introduce new ideas, ask questions," McMillon writes. Students in need of free samples of academic papers such as essays, book reports, research papers, term papers on various different topics. He also highlighted the changes toward sustainability Walmart has made recently, as well as the intentions behind those decisions. Live better.is today both Walmarts slogan and the core of its corporate mission. He is known for his focus on customer satisfaction and his willingness to take risks, which has enabled Amazon to develop groundbreaking products and services. This is one of the most important character traits of leaders as it enables the proper running of a company in the ever-changing business world (Hickman and Silva, 2018). Doug is flexible and is easily adaptable to change and this is one of the reasons why the company smoothly adopted the e-commerce platform. When McMillon was 16, his father, a dentist, moved the family from Jonesboro, Ark., in the eastern part of the state, to Bentonville because he saw better growth potential for his new practice in the little town where Sam Walton was building an empire. I always wanted a Jeep, he says, professing not to know the exact model. One of McMillons strengths is his listening ability. The intense if soft-spoken Kiwi, who spent three decades with Woolworths in Australia and turns 54 in July, has leaped into the fix-er-up job with gusto. (Walmart polls them daily.) McMillon spent two summers in high school working in Walmart warehouses, mostly because the job paid $6.50 an hour vs. less than $4 at McDonalds (MCD). Doug also possesses the character trait of being agreeable. When the graduate student interviewing him asks why he has stayed at Walmart for his entire career, McMillon responds that the complexity of running a giant retailer always keeps him engaged. Walmart International is a fast-growing segment of the, organizations general operations covering 27 countries with a total of over 6,400 stores, employing over 800,000 associates. They have two tech incubators and Store#8, all abiding by the mantra of try often, fail fast.. McMillon has established, himself as a long-term champion of the companys customers, associates and the entire culture of, Having joined the company in 1984 as a summer associate at Walmart, distribution center, McMillon is among the long-serving employee of the company. Doug DeMuro is arguably the most successful automotive YouTuber in the relatively short history of that young medium, and with a $37 million investment from The Chernin Group (TCG) in his recently-launched Cars & Bids auction site, Doug can add business mogul to his list of accolades. McMillon arrives just before 6 p.m. in his shiny black Jeep Rubicon, a vehicle with macho rims that give it the effect of a mini-Hummer. If you want hard, try to take a 52-year-old business thats this size and change it. Continue to innovate to keep pace with technological advancements. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. He remains a merchant at heart. You may refer to the following websites as reference: thank you. or more parties and which can be enforced by the courts. You will, Please help me to find the assumptions or principles of those 3 issues and explain how to account for issue 1 to 3. And McMillon knows that getting outside Bentonville is the best way to receive unvarnished input on whats really going on. Doug possesses an important character trait of being able to face challenges as they come and handle it effectively. So he didnt. McMillon wasnt sure what to do, so he walked it over to his boss. Doug McMillon is president and chief executive of Walmart and chair of the Business Roundtable. He is, after all, just the fourth CEO to lead the company in the years since Walton left the post in 1988. I havent seen that one before, he says. He pauses. Five stores. ! the manager asked. McMillon was named president and CEO of Walmart in February 2014. And hes been a champion for private-label baby formula. (For a company that gets 55% of U.S. revenues from grocery sales, thats a major concern.). From a private breakfast cooked by Food Network star and celebrity chef Bobby Flay to personal ski lessons and access to wineries not open to the public, Sentient Jet's 10th annual Exclusive Benefits Guide for members packs nearly $200,000 in discounts, upgrades, and free stuff. The opinions expressed herein are not, and should not be construed as investment or other advice. All Rights Reserved. A few days later the book arrived. Everything about Walmart is supersize. At the start, the online platform took some time before customers were aware of the companys e-commerce platform. In both cases, my inspiration and hope for the future come not only from seeing how people have reached out to others and how they have come together to solve problems, but also how theyve done so despite their differences.